Stemcor appoints Phill Price as Americas Sales Manager for steel derivatives
Stemcor, the world’s largest independent steel trader, has appointed Phill Price as derivatives sales manager for the Americas. He will initially be based in the UK from March 1st before moving to Stemcor’s New York office later in the year. Price joins from Metal Bulletin, where he was steel editor & business development manager, prior to which he was responsible for establishing a billet futures trading business at broker Marex Financial.
Stemcor’s price risk management business has enjoyed strong growth since its inception in 2007. Steel and iron ore derivatives are now taking off around the world, with three of the trading exchanges covering and/or based in the USA where hedging strategies have long been accepted as an integral part of commodity risk management.
Jean-Luc Fiorenzoni, director of Stemcor Risk Management, said: “Phill’s main role will be to develop the range of pricing solutions we can offer our suppliers and customers for physical transactions. He will also seek to increase paper trading volumes in the Americas, either directly with Stemcor or via our joint venture with Deutsche Bank. He will work closely with our trading colleagues in the Americas and will spend much of his time on the road engaging end users in index based and fixed price hedging formula for managing steel price volatility”.